SEC Filings

Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Share Dividends

(in thousands)

Year Ended December 31,

2016

2015

2014

2013

2012

Earnings before fixed charges:

Net income (loss) from continuing operations

$

77,416

$

(104,122

)

$

205,455

$

187,334

$

156,390

Income tax expense

2,232

849

1,215

196

165

Loss (income) from unconsolidated entities

1,745

1,247

(973

)

(1,416

)

(1,028

)

Remeasurement gains from unconsolidated entities

—

—

(99,375

)

—

—

Distributions from unconsolidated entities

272

223

1,004

2,110

2,558

Fixed charges

139,027

141,965

82,816

56,219

59,429

Capitalized interest

(2,640

)

(1,781

)

(283

)

(1,019

)

(442

)

Earnings before fixed charges

$

218,052

$

38,381

$

189,859

$

243,424

$

217,072

Fixed charges and preferred share dividends:

Interest expense (1)

$

136,225

$

139,923

$

82,428

$

55,058

$

58,844

Capitalized interest

2,640

1,781

283

1,019

442

Portion of rents representative of the interest factor

162

261

105

142

143

Total
fixed charges

139,027

141,965

82,816

56,219

59,429

Preferred share dividends

14,032

15,989

—

—

—

Total fixed charges and preferred share dividends

$

153,059

$

157,954

$

82,816

$

56,219

$

59,429

Ratio of earnings to fixed charges and preferred share dividends

1.42

0.24

(2)

2.29

4.33

3.65

(1) Does not include the impact of the approximate $1 billion of debt incurred related to the spin-off from Simon Property Group for all periods prior to May 28, 2014.

(2) The shortfall of earnings to fixed charges and preferred share dividends for the year ended December 31, 2015 was $119,573. This shortfall resulted from the $31,653 of merger and transaction costs and $147,979 of impairment loss that we incurred during the year ended December 31, 2015.